The Minority in Ghana’s Parliament praised the GSS for a 5.7% GDP growth for 2024, the highest in five years, surpassing budget targets. The industrial sector led this growth at 7.1%, followed by services at 5.9% and agriculture at 2.8%. Dr. Amin Adam emphasized economic transformation and confirmed the NPP’s effective debt strategy, highlighting a 61.8% debt-to-GDP ratio.
The Minority in Ghana’s Parliament has commended the Ghana Statistical Service (GSS) for announcing a 5.7% real GDP growth rate for the 2024 fiscal year, marking the highest growth rate in five years. This figure surpasses both the initial budget target of 3.1% and a revised target of 4%. The growth is attributed mainly to the industrial sector, with a notable increase of 7.1%, the services sector following at 5.9%, and agriculture at 2.8%.
Dr. Mohammed Amin Adam, former Finance Minister, emphasized the significance of this growth, describing it as indicative of a structural transformation in the Ghanaian economy, celebrating it as a historic accomplishment under the ruling New Patriotic Party (NPP). He expressed strong optimism regarding the future of the economy and noted, “This means that the Ghanaian economy has entered the face of structural transformation. Another historic transformation…This occurred again another the NPP government.”
Addressing concerns regarding potential manipulation of economic data, Dr. Adam affirmed the robustness of the economy transitioned from the NPP to the new National Democratic Congress (NDC) government. He highlighted a debt-to-GDP ratio of 61.8% achieved in 2024, attributing it to effective debt management strategies implemented during the NPP’s tenure. He stated, “It was due to the implementation of good debt strategy….We know that this is historic and history will be kind to Akufo-Addo Bawumia government.”
The announcement of a 5.7% GDP growth in Ghana for 2024 has been hailed as a significant achievement by the Minority in Parliament. Credit for this growth is attributed mainly to the industrial sector. Despite concerns about data manipulation, the former Finance Minister stresses the positive economic indicators, including a favorable debt-to-GDP ratio, showcasing the NPP’s impactful governance. This growth marks a pivotal moment in Ghana’s economic restructuring.
Original Source: citinewsroom.com
